Two Assurant employees have received notice from the Securities and Exchange Commission that they are connected to an ongoing investigation, the New York-based carrier said today.
Michael Steinman, chief actuary of Assurant Solutions/Assurant Specialty Property, and Dan Folse, vice president, risk management of Assurant Solutions/Assurant Specialty Property, have each received a Wells notice in the SEC's investigation of some loss mitigation insurance products.
Loss mitigation products such as financial reinsurance have been the target of past SEC probes as to whether enough risk is transferred in them to warrant their accounting treatment.
Assurant said it continues to cooperate with the investigation. It also noted that under SEC procedure, Wells notice recipients have the opportunity to respond to the SEC staff before any formal recommendation is made on civil enforcement action.
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